11?28??,??24/25????,????????????????????20??,??

??????(3998.HK)???????????2024/25???????????????

??,??????????????,????????????,????????????????????????,?????,??,??????,??????

????,???????????“??????????????”,???????,?????“??????”????????????????,???????

????,????

???????,24/25???????????,?????????????17.8%???????????88?;????????23%?????????????????11.3??????,??24/25??????????????,?19.6%,????(???)????????28.3%?

??????(3998.HK)2024/25????

??????????????,?,2018 ??????,????????“??????????????,????”???????????,??,????????????????????,??????????????

???,?,???“????”?????????????????,????????????,?????????,?????

????????????????????,24/25????????????,???????????19.4%??????52.8???24/25?????????,???????3.9????????????????????,??47.1%,????????????????6.0??????

?????,????“????????????????????????”?????????????????,????

????????????,??????????2023???1960??,??????????????????????????????,????,????2028??????????????????,?,?????11%?????

24/25??????,????????,???????13.4%???23.2?????????????????,??????????OEM???ODM??????????,??????????

??,???

??????????,??????????????,?????????????????????,??Top???????Top??????,?????????????,????????????????

?????,????,????,??????

??Brand Finance“2024????50??????????????????????(Brand Finance Apparel 50 2024)”,???????????????????????46?????;???????(World Brand Lab)“2024??500???????”,??????268??????????????;??????????“2024?”???????????????????,???????????8????,?????

??????“????????????”??????

?????????????????????????,?????????24/25???????????,??????????????????????,??«?????????»????????????????????????????“??????”????,????????????????

??????????????????????????????????,??????,???????????????????????????2024???“???”?????????????,?????,????????????????,?????

???????????

????????,??????????????,??????????????????????,?????????????,?,???????,???????????????????

?????????????,????Top?????????????????,????????????????????,????Top?????,???

??????TOP?,???

???????????????????,??????????????,??????,??,?????????,?????,???????30%?

???,?????9??????????IP?????????????????????????????11???????????????????????????????????24/25?????,???????????????????24.1%?

ESG????????????????

??????????(S&P Global)????????2024????7???????16??????«???????????(??)2024»,???????????????????ESG??????????????60???????1735????????,???????????«??(??????)2024»,????????????????,?????

????????????“1+3+X” ESG ????

??????????????,?“1+3+X”ESG????,?????????????“???????,?????????”??????ESG??????,????“???2038?”?????????????

????,????????????????,??????????????????????????????????????????????,??,?,????????????

24/25??????,????????????????????????????

??

?,????????????,??????????????????????????????????,???????(?????????????????????????????????)???????????????????????????,?????????????????????????????

????,??????????????????«2024????????????????????????»,????,??????

???????????????????:????? “??????????”_????

?? ?????????????? ???????

????:1???????????:????

2????????????

3???????

4???94?95???

5????????

11?28??,??24/25????,????????????????????20??,??

??????(3998.HK)???????????2024/25???????????????

??,??????????????,????????????,????????????????????????,?????,??,??????,??????

????,???????????“??????????????”,???????,?????“??????”????????????????,???????

????,????

???????,24/25???????????,?????????????17.8%???????????88?;????????23%?????????????????11.3??????,??24/25??????????????,?19.6%,????(???)????????28.3%?

??????(3998.HK)2024/25????

??????????????,?,2018 ??????,????????“??????????????,????”???????????,??,????????????????????,??????????????

???,?,???“????”?????????????????,????????????,?????????,?????

????????????????????,24/25????????????,???????????19.4%??????52.8???24/25?????????,???????3.9????????????????????,??47.1%,????????????????6.0??????

?????,????“????????????????????????”?????????????????,????

????????????,??????????2023???1960??,??????????????????????????????,????,????2028??????????????????,?,?????11%?????

24/25??????,????????,???????13.4%???23.2?????????????????,??????????OEM???ODM??????????,??????????

??,???

??????????,??????????????,?????????????????????,??Top???????Top??????,?????????????,????????????????

?????,????,????,??????

??Brand Finance“2024????50??????????????????????(Brand Finance Apparel 50 2024)”,???????????????????????46?????;???????(World Brand Lab)“2024??500???????”,??????268??????????????;??????????“2024?”???????????????????,???????????8????,?????

??????“????????????”??????

?????????????????????????,?????????24/25???????????,??????????????????????,??«?????????»????????????????????????????“??????”????,????????????????

??????????????????????????????????,??????,???????????????????????????2024???“???”?????????????,?????,????????????????,?????

???????????

????????,??????????????,??????????????????????,?????????????,?,???????,???????????????????

?????????????,????Top?????????????????,????????????????????,????Top?????,???

??????TOP?,???

???????????????????,??????????????,??????,??,?????????,?????,???????30%?

???,?????9??????????IP?????????????????????????????11???????????????????????????????????24/25?????,???????????????????24.1%?

ESG????????????????

??????????(S&P Global)????????2024????7???????16??????«???????????(??)2024»,???????????????????ESG??????????????60???????1735????????,???????????«??(??????)2024»,????????????????,?????

????????????“1+3+X” ESG ????

??????????????,?“1+3+X”ESG????,?????????????“???????,?????????”??????ESG??????,????“???2038?”?????????????

????,????????????????,??????????????????????????????????????????????,??,?,????????????

24/25??????,????????????????????????????

??

?,????????????,??????????????????????????????????,???????(?????????????????????????????????)???????????????????????????,?????????????????????????????

????,??????????????????«2024????????????????????????»,????,??????

???????????????????:?????